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Sunday 4 - 10 - 2015


 04/10/2015

Gulf Today

ABU DHABI: Obaid Humaid Al Tayer, Minister of State for Financial Affairs, has received Merete Juhl, the newly assigned Danish Ambassador to the UAE, at the Ministry of Finance (MoF)’s premises in Abu Dhabi. The meeting was attended by Younis Haji Al Khoori, Under-Secretary of the MoF and Khalid Ali Al Bustani, Assistant Under-Secretary of International Financial Relations at MoF. The meeting saw discussions on economic and investment relations between the UAE and Denmark, particularly in the field of technology. Both parties emphasised the need to begin negotiations on signing an agreement to avoid double taxation on income as well as an agreement on investment promotion and protection.

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Gulf News

FNC elections saw a total of 79,157 votes with a turnout of 35.29% of the electoral roll across the UAE, said Dr Anwar Gargash, Minister of State for Foreign Affairs and Federal National Council Affairs. "This election process is considered a successful one by all standards," Dr Anwar Gargash. "Through team work, the UAE succeeds and continues to prosper, grow and develop. There are too many people to thank but I'd like to thank the National Election Council (NEC) and its members and to the Council members across all Emirates for all the effort they made."..

4.05pm, Abu Dhabi: Younis Al Khouri, undersecretary at the UAE's Ministry of Finance, cast his vote at the centre in Al Jazira Sports Club.

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Khaleej Times

The UAE economy is on target to grow more than 3.5 per cent to exceed Dh1.6 trillion in 2015 on the back of a vibrant non-oil sector, UAE Minister of Economy Sultan bin Saeed Al Mansouri said on Saturday. Despite the plunge in oil prices, the Arab world's second-largest economy is able to maintain such steadfast growth rate because of its successful diversification policy that is increasingly reliant on non-oil sectors to propel expansion. Currently, hydrocarbon revenues account for 25 per cent of gross domestic product and 20 per cent of total export revenues. Al Mansouri's upbeat projection for the economy comes amid International Monetary Fund's forecast that the UAE's growth is expected to moderate amid lower oil prices. The IMF said the country's non-oil growth, which remained robust at 4.8 per cent in 2014, would slow down to 3.4 per cent in 2015 and would pick up steam from 2016 and post a 4.6 per cent growth by 2020.

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The National

Non-oil trade between the UAE and Saudi Arabia is forecast to surge as the UAE consolidates its status as an international trade centre, boosts investment in the kingdom and enacts unified regulations for Arabian Gulf products. Saudi Arabia is the Gulf region’s biggest exporter of goods (mainly petrochemical products) to the UAE. In the UAE, Gulf products overall enjoy exemption of customs duties, in accordance with the country’s economic agreements with Gulf states, which contribute to the big volume of trade with Saudi Arabia. In 2013, the latest year for which figures are available, the bilateral UAE-Saudi trade was valued at Dh80 billion.

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Emirates 24|7

In 2015, oil prices have been sliding down and the question on everybody’s mind is, what will happen to the Middle East The GCC’s economy has been built on oil with 30 per cent of the world’s proven oil reserves in these countries, producing 28.6 million barrels per day in 2014. Coface released a report titled ‘Gulf Countries: Various Reactions to the Same Shock’ that highlights the importance of economic diversification in the Arab nations and how falling oil prices are expected to impact each of the economies. While countries with fewer financial buffers have been struggling to maintain their growth rate, UAE’s economy has been less impacted by the falling price of oil. The UAE has 5.8 per cent of the world’s oil reserves with hydrocarbon revenues accounting for 25 per cent of the country’s GDP and 20 per cent of total export revenues.

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Gulf News

Dubai: Banks in the Gulf Cooperation Council (GCC) reported a good set of earnings in the first half of 2015 thanks in part to declining credit losses but, owing to the knock-on effects of lower oil prices on growth and asset quality, earnings could weaken over the next several quarters according to Standard & Poor’s analysts. An analysis of a sample of 26 rated banks from the GCC showed aggregate asset and loan growth declined to the single digits, compared with double-digit quarterly growth since early 2013. Kuwaiti banks in the sample fared the worst, on an annualised basis, with no asset growth in the first half, compared with 9 per cent growth in both 2014 and 2013. In contrast, Qatari banks were the only group to have posted annualised asset growth of around 15 per cent, surpassing last year.

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Gulf News

Dubai: Credit losses of Gulf banks which were on a decline for the past five years is seen rising from the second half of this year according to credit rating agency Standard & Poor’s. “Over the past few years, GCC banks’ declining credit losses were a key driver of earnings growth and resilience in return on average assets. But after five years of decline, credit losses are set to rise for Gulf banks as they cope with slowing growth and capital market volatility. We expect Gulf banks’ net income growth to decline below 10 per cent in 2015 and potentially slow further in 2016,” said Standard & Poor’s credit analyst Suha Urgan.

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Gulf News

Islamic Wealth Management is the fastest growing financial segment in the Middle East, with the industry already beginning to gain a foothold in various Islamic financial markets, due to the rising affluence of Muslim investors worldwide. In 2014 for instance, the number of Ultra High Net-Worth Individuals (defined as having a net worth of at least $30 million) residing in the United Arab Emirates (UAE) grew at a rate of 5 per cent, according to global property consultancy Knight Frank. Indeed, total UHNWI wealth in the Middle East is currently estimated at $0.7 trillion according to the same report, and is set to grow by 40 per cent over the next 10 years.

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The National

An offshore bank account is a must for many internationally mobile expats operating in the UAE and Middle East. But finding the right bank with the right extras as well as high service standards isn’t easy. There are plenty of big names to choose from, including the global operators Barclays, Lloyds Bank and HSBC. But when Robert Salmon looked to open a new offshore bank account, he wanted something different. The oil services specialist, 58, says customer service at the big offshore banks leaves much to be desired. “When I call my bank, I want to go straight through to somebody who can help, I don’t want to hang on the telephone, listening to endless automated messages.”

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Gulf News

Abu Dhabi (WAM) President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued a Federal Decree, appointing Ali Mohammad Subaih Al Ka’abi as Chairman of the UAE Federal Customs Authority, FCA, at the of rank of a Minister, for a three-year renewable term. Shaikh Khalifa issued a further Federal Decree naming Mohammad Juma Nasser Buossaiba as Director-General of the UAE Federal Customs Authority, at a rank of Under-Secretary of a Ministry. The two Federal Decrees, No. 95 of 2015 and 96 of 2015, will be published in the Official Gazette and will be effective from the date of issuance.

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Page last updated : 02/05/2016 10:18 PM